In spite of the doom and gloom we hear on the news every day, this could not be a better time to purchase a home or condo in Las Vegas. If you're an existing home owner, maybe uncertain about selling, you'll find the current market is extremely active with serious buyers.
If you're looking to buy a home, there is about 3 months supply of new listings, a stable price market and better interest rates than we've seen in some time.
If you're currently renting and haven't yet ventured into Las Vegas home ownership, we've provided suggestions below that could help with your decision.
Las Vegas Real Estate Stats
We know this is a great time to purchase real estate in Las Vegas, but don't take our word for it, here are the current stats for September 2019.
There is a great selection of homes and condos on the market, and offered by motivated sellers. Sellers are receiving an average of 98.4% of the list price for single-family homes and 97.7% for condos and townhomes.
Prices have increased slightly: 0.7% since September 2018 for condos and townhomes and 2.8% for single-family homes. This is enough to demonstrate a stable buyers market without any ridiculous price spikes. Las Vegas homes and condos are remaining on the market about 40 days on average, which is great for sellers.
Nevada Mortgage Rate Trends
Current rates in Las Vegas, Nevada are 3.98% for a 30 year fixed loan, 3.38% for a 15 year fixed loan and 3.60% for a 5/1 ARM.
This data was taken from Realtor.com and based on rates as of October 10, 2019. You can see that the interest rates have remained fairly stable over the past 30 days, and have currently settled in a lower range below 4%.
New Home Construction Options
The new home construction industry in Las Vegas is booming. What many people don't realize, you can own a brand new home or townhome in Las Vegas for under $250,000. In fact, there is a huge range of available inventory ranging from the $200s into the millions - basically something for everyone.
Or, see below to search new construction by price and features
It's Time to Take the Plunge into Home Ownership
Renting vs Buying
In 2019, the average price for renting a one bedroom apartment is about $1,100, depending on the area. This was a 9-11% increase from 2018. A single family home is much more expensive and would be upwards of $1,700. Prices are a bit cheaper in Downtown, Downtown East and East Las Vegas. Premium areas include Summerlin North or The Lakes, and Henderson.
Here is a quick comparison of buying vs renting. If you were buying a 2 or 3 bedroom home in Las Vegas for $250,000 with a 20% down payment, and received a 30-Year Fixed mortgage at 3.975%, your payment averaging in taxes and insurance would be about $1,243.
Improve Your Buying Power
New Home Buyer Incentives
The biggest stumbling block I hear from new buyers is coming up with the initial downpayment. There are options for first home buyers that a mortgage specialist can provide assistance with.
Fix your credit
You may have more financial options available to you than you realize. Sometimes it just involves getting the right advice. Leslie has a great contact for a credit specialist who can help you get on the track. Just call 702-321-1763 or email for details.
Subsidize Your Mortgage - Buy a Home With a Casita
Buying a home with an inlaw suite or casita can be one of the most effective ways to subsidize your mortgage payment. In addition to sharing with family, this type of feature has so many options including using as an air bnb or rental property.
By Leslie Hoke
Las Vegas Homes By Leslie
8010 W Sahara Ave #150, Las Vegas, NV 89117
Direct: (702) 321-1763 Fax: (702) 224-2146
Premier Realty Group